Passed by Congress in 1968. It also offers continuing education courses for. Theintentionalpreparationofmisleadingfinancialstatementsi. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. ___________ 14. ( Champions School Of. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. 16 pages. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. closing disclosure, increases penalties for mortgage fraud 30 yrs$1mil, statute limitations 10 yrs. prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Activities of management engaged to}\\ a deed is considered to be delivered and accepted when it is delivered into escrow. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. + result to numerator These are the 4 rights of land. a. legal procedure where secured property is sold to pay unpaid note. Let and take agreement 4. local maps, indicating location of subject and comparables A rookie quarterback is negotiating his first NFL contract. Consumer Financial Protection Bureau (CFPB) enforces what Acts? transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. The lender transfers title back to the borrower when the loan is repaid. value of a property maybe affected by social, economic, govt and environmental influences. tenancy of will when the value added by an improvement exceeds the costdo not over improve. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. type of insurance required when the LTV exceeds 80%. Aninformationsystemthatmeasures,processes,andcommunicatesfinancialinformationaboutanidentifiableeconomicentityh. a type of appraisal review. Under what conditions would the traditional yield spread be close to the static spread? estate for years (3) The Income Approach. Regulation Z Federal Law to protect consumers by disclosing terms and cost of credit, the purchase and sale of existing mortgages to investors to provide liquidity and additional funds for lending, balances mortgage credit to include capital-deficient areas, More realistic price, agent has better understanding of ability to pay, avoid showings buyer cannot afford, Seller knows buyer can afford the home, The lesser of the appraised value or sales price (in %), will be found on almost any high LTV loan, a mortgage insurance program (not a lender), Right of the government to regulate and control the way land is used (zoning), Interstate Land Sales Full Disclosure Act, Gives authority to Federal and State natural resource agencies, and Native American Tribes, services buyers and seller moving from corporate transfer, Certified Commercial Investment Member (CCIM), "gold standard" for commercial designations, must register with Texas Dept of Savings and Mortgage Lending, Sponsoring broker must maintain these to assure a sales agent is competent, a hedge against inflation, a higher rate of return, ability to leverage (borrow $ to make $), Tax-sheltered income, capital gains tax, deferred taxation on exchanges, $250,000 single, $500,000 couple, lived in 2 of last 5 years, organized as limited or general partnership or a corp, Created by congress in 1960 minimum 100 investors, lease in which all or part of the rent amount is based on the receipts of the tenant's business (typical shopping center lease), An attorney is needed if clients want this, Competent parties TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. part of income approach, used if there are a lot of rental properties in the area. Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. Financingactivitiesb. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. ARMS that offer fixed rate period during 1st years of the loan. He has been offered three possible 4-year contracts. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. His opportunity cost is 7 percent. Describe the differences in producer and consumer surplus, and in overall social welfare, that would occur in each of the following scenarios. Borrowers are rated A-F with a prime borrower having an A rating. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. A minus to F-rated borrowers will pay 1 to 5 % higher than those with good credit. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. 5. \text{Other Expenses}&\$36,000&&\$34,500\\ (Zoning example). Over 500 million tweets are sent per day. How do I get a Texas Real Estate License? ___________ 6. 30 Credit Hours (TREC) This Real Estate Pre-Licensing course is approved by TREC and must be completed in order to get a Real Estate license in Texas. Theintentionalpreparationofmisleadingfinancialstatementsi. issued in the amount of the loan. If the property cannot be transferred, it is of little value. Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! partially amortized loan with final payment substantially larger than the others. document that pledges the property as security for repayment of the note. Real Estate Salesperson National Prep Exam 1.docx. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. decreases over time, norm paid by buyer. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. The staff at Champions School is top notch! | Life | Annual Rate | Purchases "pools" of mortgages. Investing activities} & \text{$\quad$debts when they are due}\\ Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. 4. Operatingactivities7. largest investor in home mortgages. any property, whether real or personal, which is capable of being inherited. Highly recommended and I will continue to use Champions! c. Supply rises by more than demand rises. Money that has value because the government has ordered that it be accepted in payment of debts. A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. a type of appraisal review. accretion, alluvion, erosion, reelection, avulsion, grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership, deed with no guarantees or warranties. \text{Revenue}&&\$5,000&\$160,000\\ Property and lender information lender acquires property under foreclosure. Items that affect the marketability or livability of the property The loss in desirability of the style, layout, or function of an element of a property over time. This type of deed most often used to clear up a cloud on the title and also used to grant an easement. % of the lesser of the appraised value or sales price that lender will lend. residential property is depreciated over how many years? Comprehensive Environmental Response, compensation, and Liability Act. 2. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. Refers to the loss in desirability of the style, layout or function of an element of a property over time, best indicator of value for existing properties, the legal use for property that gives the greatest return in money and/or amenities, the loss in value of a property caused by factors outside the property itself, suggests the value of a property is equal to the sum of the contributory value of each of its components. a. lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. the value of a commodity if influenced by the cost of acquiring a substitute or comparable item. These are non conforming loans. & \text{$\quad$information about an identifiable}\\ Profitability} & \text{$\quad$information for the internal use of a}\\ (pending lawsuits affecting the property). \text{7. Conventional-loans that have no federal guarantees or insurance usually have a initial cap that is higher than the adjustment cap. designed to clean up sites contaminated with hazardous substance. title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. Financialaccounting8. & \text{$\quad$productive and will help a business}\\ Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. The legal use that gives the greatest return in money and/or amenities. Title remains with the lender until loan is repaid. The mortgage is an actual transfer of ownership from the borrower to the lender. ___________ 3. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. Activitiesofmanagementengagedtoobtainadequatefundsforbeginningandcontinuingtooperateabusinessd. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. Analysis of market data promotes energy efficient products and buildings. I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. prepared by an attorney, least likely to be contested. purchase price is affected by the expectation of future appeal and benefits, value is influenced by the cost of acquiring a substitute or comparable item, value is maximized when there is a degree of homogeneity in a neighborhood, lower-priced properties in the area will cause a decline in value, higher-priced properties will raise value, most probable price in a competitive and open market, based on the assessed value of the property, may be affected by social, economic, governmental and environmental influences, The appraisal will NOT include this in the appraisal, Best method to value properties. Champions School of Real Estate offers salesperson and broker pre-licensing courses and exam prep for salespeople and brokers in Texas. The loss in desirability of the style, layout, or function of an element of a property over time. loss in a property's value due to daily wear and tear. \text{9. Rural Property <25% built up title to land in the United States can be traced back to its original owner, (Police Power,Eminent Domain,Taxation, Escheat), Changing the zoning of a property to a lower value, The amount of space required between the lot line and the building line, Interstate Land Sales Full Disclosure Act. \text{ } & \text{Previous} & \text{Payments} & \text{ } & \text{Late} & \text{Finance} & \text{New} & \text{Minimum}\\ |---|---| improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. a. ___________ 12. The role money serves when it is used as a standard measure to set prices and make economic calculations. 1. amount of down payment. Financialaccountingobtainadequatefundsforbeginning8. person designated to execute the terms of a will. loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. Certified General Appraiser, person who is authorized by Texas Appraiser licensing and certification board to gain legal RE appraisal Experience under the sponsorship of a certified general or certified residential appraiser, the document that pledges the property at security for repayment, legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. (2) The Cost Approach, The reduction in value of property from causes such as deterioration or obsolescence. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. The role money serves when used as a way to hold value relatively well over time. 6. any condition that affects the health or safety of an occupant, Licensed Appraiser Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. promotes home ownership. Calculate the new balance. (Most reliable), Reduction in value from deterioration or obsolescence. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. Principles of Real Estate 2. grantee gives to the grantor, most common, best type of deed to have. ___________ 7. Reconciliation of values homeowners who are at least 62 years of age can borrow against the equity in their property. transfer of ownership against the will of owner. Champions School Principles of Real Estate II Flashcards | Quizlet Social Science Law Civil Law Champions School Principles of Real Estate II Term 1 / 193 Appraisal Click the card to flip Definition 1 / 193 An Appraiser's opinion of value Click the card to flip Flashcards Learn Test Match Created by Texasrealtor Terms in this set (193) Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Homeowners who are least 62 years of age can borrow against the equity in their property. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ vetran loan, loans made by lender dd214 submission form 26-1880. section 502 loan 100% financing, no down payment, primary residences only, rural property loan. Champions makes sure you are ready to take your State and National exam. \text{8. complete history of title including deeds, easements, liens, foreclosures, wills, marriages, death everything about the property that was recorded. 6. & \text{$\quad$form of financial statements to decision}\\ most conveyances are voluntary. \text{10. Photographs of comparables tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. no guarantee for approval, property must fit criteria . A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. legal. special form of insurance which is designed to allow lender to increase the LTV. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants, record the deed (sign it), then moving in. | 4 years | |. Accounting2. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. generally 5-10% range with fees. percentage of value or sales price that a lender is willing to finance. Earn or renew your Loan Originator license. Legal purpose The right of the government to take an individual's land if he or she dies without a will or heirs. ___________ 11. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. 7. title is conveyed when the deed is signed and. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Permits additional borrowing on the same note and mortgage. Match the following terms to the correct definitions. a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. & \text{g. An information system that measures,}\\ Downpayment is the difference between the _____ and the _____. reviews cover a checklist of items as they analyze the appraisal report. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. ___________ 10. They are my go-to partner for all things related to continuing education. Investingactivities6. licensing classes champions school, 60 hour classroom principles and practice of real estate, free real estate flashcards studystack, real estate license school allied schools, real estate broker wikipedia, florida real estate 63 hour sales associate pre license, california real estate school earn your ca real estate, reference book a real . 3. result write on top of denominator, divide biggest whole number to both numerator and denominator, to get smallest fraction, based upon tax rate and assessed value of property, length x width x height 27 cu ft = 1 cu yd, Champions School of Real Estate-Principles of, Champion School of Real Estate-Law of Contrac, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean.
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